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Business to business IT financing group ThinkSmart is seeking to raise around $9 million through an entitlement offer after lifting full-year net profit by 13 per cent.

Funds from the fully underwritten accelerated non-renounceable entitlement offer will be used for growth opportunities, including a consumer payment plan product for the Australian market and a business to business leasing product for the UK market.

Eligible shareholders will be entitled to subscribe for one new ordinary company share for every five existing ThinkSmart shares at an offer price of 35¢ a share.

ThinkSmart shares closed at 46.5¢ a share on Tuesday.

Net profit rose to $6.8 million and normalised net profit to $7.4 million for the year ending December 31 on an 8 per cent rise in total revenue to $45.5 million.

ThinkSmart lowered its cost of doing business by 1 per cent to 21 per cent while continuing to increase its investment in systems and products.

Executive chairman Ned Montarello said the overall performance was pleasing.

“Post-GFC [global financial crisis], ThinkSmart has significantly realigned its business model to adapt to the changing retail and funding environment and that transformation is now complete,” he said.